I think it is relative simple:The higher the CU price the higher...

I think it is relative simple:

The higher the CU price the higher the net profit. The more the PFS can be enhanced the better.

At the moment we are not yet there (The 105m are based on a CU price of US$/lb 3.50).

However...what I really like here is the possible upside potential and the leverage towards the CU price.

E.g. a plus of 6.1 % (from 3.30 to 3.50) equals to a plus of 200 % in post tax profit in US$. The some for a rise from 3.50 to 3.85 (= + 10% in CU = + 116% in post tax profit).

I guess everybody knows that we will see the same leverage effect at Perkoa if the zinc price should (what is quite probable) in the next 2 years.

So if the copper price should appreciate further then sooner or later even the actual PFS will look pretty attractive. An upgraded PFS then obviously should have a quite substantial impact on the overall sentiment towards BTR and obviously the SP.

I could imagine that a break of US$/lb 3.50 in copper might be quite imporant. Somehting that might happen in the next 6 to 12 months.